Vietnam: Saudi Aramco wants to invest in oil refining, petrol distribution

Oil giant Saudi Aramco wants to invest in the oil refinery sector and petroleum distribution in Vietnam, the Southeast Asian country's government said late on Tuesday.

The announcement came after a meeting between Prime Minister Pham Minh Chinh and Saudi Aramco's chief executive officer Amin Al-Nasser in Riyadh during Chinh's visit to the Middle East.

"Vietnam has great potential in the region, therefore, Aramco wishes to invest in oil refinery and petrol distribution in the country," the Vietnamese government statement said.

Aramco urged authorities to create favorable conditions to boost cooperation with Vietnamese partners, the statement added.

It did not elaborate on the time frame or the size of the investment.

The company has been selling crude oil to Vietnam, but has yet to make any investment in the country.

On Tuesday, Aramco and Vietnam Oil and Gas Group (PVN) signed a memorandum of understanding on cooperation in the field of oil and gas trade, according to the government statement.

Saudi Aramco did not immediately respond to a request for comment.

Reuters